Financial services sector donates for flooding relief
Several Milwaukee-based banks and financial institutions have created loan recovery programs or donated to area disaster-relief efforts.
Green Bay-based Associated Banc-Corp will donate $50,000 to the American Red Cross in areas affected by flooding, and has launched an employee giving campaign to raise an additional $50,000.
M&I Bank recently announced low interest loans and a deferred payment program for residents and businesses affected by flooding.
Chicago-based Harris Bank, which recently acquired Ozaukee Bank and M&M Bancorp, has donated $50,000 to the American Red Cross to be used for flooding relief.
Milwaukee-based Northwestern Mutual also granted $75,000 to the Red Cross Central States Flood and Tornadoes Relief Fund, which helps affected areas in Illinois, Indiana, Iowa, Kansas, Missouri and Wisconsin.
Fiserv again named to Fortune 500
Fiserv, Inc., a provider of information technology services to the financial and insurance industries, has been named to the Fortune 500 ranking of the top American companies by Fortune magazine for the third year in a row.
"It’s a great honor to be recognized amongst the leading companies in the U.S.,” said Jeff Yabuki, Fiserv President and Chief Executive Officer. “Last year was a transformational year for Fiserv. We expanded the scope of our product and services offerings highlighted by the acquisition of CheckFree. We have laid the foundation for providing our financial services clients with innovative and integrated technology solutions. These changes should enhance our long-term growth profile and provide attractive shareholder returns."
MGIC approves sale of more stock shares
At a special meeting today, shareholders of MGIC Investment Corp., the nation’s largest provider of private mortgage insurance, voted to issue 20 percent more common stock.
The shareholders agreed to increase the number of the company’s authorized stock shares from 300 million to 460 million.
The additional shares were needed after the Milwaukee-based company sold $390 million in convertible debentures in March.
MGIC has been losing money in the fallout of the subprime mortgage collapse.
Kenosha trucking company files for bankruptcy
Kenosha-based JHT Holdings Inc. has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court, District of Delaware.
JHT, through its operating subsidiaries, including Active Truck Transport, LLC, Automotive Carrier Services Co. LLC and Unimark LLC, is a leading provider of transportation services for manufacturers of medium- to heavy-heavy duty trucks throughout the United States, and the company also transports imports from Canada and Mexico.
The company announced it has reached agreement with its lenders to restructure its balance sheet through a voluntary, pre-negotiated Chapter 11 reorganization.
JHT already has reached agreement with a significant majority of its lenders on the reorganization plan. Under the proposed plan, JHT’s current lenders will convert a portion of their debt to equity and become the owners of the reorganized JHT. Under the proposed plan, JHT’s outstanding bank debt will be reduced by more than 40 percent, and annual cash interest expense will decrease by more than 50 percent. "Yesterday’s action is simply a strategic financial decision on the part of JHT Holdings that will not impact the day-to-day operations of our subsidiary companies," said James Welch, chief executive officer of JHT. "This approach is in the best interest of employees, customers and suppliers because it will enable us to dedicate more of our capital to business operations. Once the financial restructuring efforts are complete, we will be in an even better position to serve customers and capitalize on new opportunities within the industry."
JHT said it is taking the action to strengthen its balance sheet so it is better-positioned to weather the current weak truck manufacturing market and manage the cycles inherent in the transportation industry.
"JHT and its lenders have great confidence in the future success of the Company and the fundamental strength of our business model," Welch said. "Our lenders have demonstrated this confidence through strong, enthusiastic support of the reorganization plan and their commitment to provide both short- and long-term financing … We want to emphasize our intention to continue normal day-to-day operations throughout the U.S. and Canada."
Metavante employees donate record amount to Second Harvest
The 400 Schlitz Park employees of Metavante Corp. recently collected and donated 29,492 food items for Second Harvest’s Milwaukee center. The collection was nearly double the more than 15,000 food items the local office donated last year.